Wiengot Antennas, Inc., manufactures and sells unique type of TV antenna. Company has newly opened new plant of manufacture antenna, and following cost and revenue data have been given for first month of plant's operation in form of worksheet.

Beginning inventory

$0

Units Produced

40,000

Units Sold

35,000

Selling price per unit

$60

Selling and administrative expenses:

Variable per unit

$2

Fixed (total)

$560,000

Manufacturing costs:

Direct material cost per unit

$15

Direct labor cost per unit

$7

Variable manufacturing overhead cost per unit

$2

Fixed manufacturing overhead cost (total)

$640,000

As new antenna is unique in design, management is anxious to see how profitable it will be and has asked that income statement be made for month.

Required:

Suppose that company uses absorption costing. Create the income statement for month.

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